The Corporate Transparency Act: What Non-Public Companies Need to Know to Avoid Substantial Fines and Penalties

October 15, 2024

From Noon to 1:00
PM Eastern Time.

Unlock the Secrets of the Corporate Transparency Act (“CTA”) and Protect Your Business.

 Are you aware of the CTA and how it could impact your business? As of January 1, 2024, most non-public corporations, LLCs and many other entities will be required to disclose their Beneficial Ownership Information (“BOI”) to the U.S. government. Failure to comply can result in significant civil and criminal penalties, potentially affecting your operations and reputation.

Join The Webinar

Philip P. Crowley

Join Philip P. Crowley, Esq., a seasoned corporate lawyer, for an exclusive webinar tailored to business owners and entrepreneurs who need to navigate this new mandatory compliance legal landscape.

In this informative session, you'll discover:


  • Which businesses are required to report under the CTA and which are exempt.
  • The specific information you must provide, including who qualifies as a "beneficial owner."

  • Critical deadlines and the penalties for non-compliance.

  • Key steps to ensure your business is prepared for these new reporting requirements.

With insights directly from Phil, who has decades of experience advising businesses on regulatory compliance, this webinar will arm you with the knowledge you need to safeguard your business. Don’t miss out on this crucial update—register now and stay ahead of the curve.
 

Registration Information

Why Should You Attend?

Whether you’re a small business owner, an executive at a larger firm or managing a startup, understanding the CTA is essential to avoid legal risks and ensure smooth compliance with federal regulations.

Here are the major topics that will be covered:

Background of the CTA

The origins and key provisions of the CTA, including its purpose and regulatory framework, including the role the U.S. Treasury’s Financial Crimes Enforcement Network  (“FinCEN”).

Who Needs to Report:

Companies required to file BOI reports, including corporations, LLCs and foreign entities registered in the U.S.

Who Does Not Need to Report:

Exemptions to reporting, such as publicly traded companies, large operating companies, nonprofit organizations and others.

Reporting Requirements:

The specific information that must be included in a BOI report, including details about beneficial owners and company applicants.

Definition of a Beneficial Owner:

Who qualifies as a beneficial owner, including the thresholds for ownership  and the definition of substantial control.

Deadlines for Reporting:

Key deadlines for filing reports, including updates and corrections.

Penalties for Non-Compliance:

Civil and criminal penalties for failing to comply with the CTA reporting requirements.

Further Information:

How to obtain more details on reporting requirements and the resources available (e.g., FinCEN website, webinars).

How Do You Know the CTA Applies to You?

The CTA is a federal law aimed at increasing transparency by requiring certain businesses to report their beneficial ownership to FinCEN. It was enacted to fight corruption, prevent money laundering and close legal gaps in previous anti-money laundering laws.

If your business is a corporation, LLC or other entity created by filing with the Secretary of State, or a foreign company registered to do business in the U.S., you may be required to file a BOI report unless an exemption applies.

You need to report the names, addresses, dates of birth and government ID details of your beneficial owners and company applicants.

A beneficial owner is someone who either owns 25% or more of the company or exercises substantial control over it.

Yes, certain companies are exempt, including publicly traded companies, large operating companies with 21 or more full-time employees and $5 million in revenue and nonprofit organizations.

Companies formed before January 1, 2024, must file by January 1, 2025. Those formed on or after January 1, 2024 must file within 30 days of formation.

Non-compliance can result in civil penalties of $591 per day and criminal penalties of up to $10,000 and two years in jail.

You must file an updated report within 30 days of discovering any change or inaccuracy (increased to 90 days for 2024).